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Discontinued Operations
 12 Months Ended
Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued OperationsDiscontinued operations comprise two formerly-owned businesses, Specialty Vehicle Technologies (“SVT” or “Club Car”) and High Pressure Solutions (“HPS”). The results of operations, financial positions and cash flows of these businesses are reported as discontinued operations for all periods presented in these consolidated financial statements.
Specialty Vehicle Technologies
On April 9, 2021, the Company entered into an agreement to sell Club Car to private equity firm Platinum Equity Advisors, LLC (“Platinum Equity”) for $1.68 billion in cash. The sale was substantially completed on June 1, 2021 and concluded in the third quarter of 2022.
High Pressure Solutions
On February 14, 2021, the Company entered into an agreement to sell its majority interest in High Pressure Solutions to private equity firm American Industrial Partners. In exchange for its majority interest of 55%, the Company received net cash proceeds of $278.3 million and retained a 45% common equity interest in the newly-formed entity comprising the HPS business. The Company expects to maintain this minority investment indefinitely and is unable to estimate when this interest may be disposed. This sale was substantially completed on April 1, 2021.
Financial information of discontinued operations
The results of operations of SVT and HPS are presented as discontinued operations for the years ended December 31, 2022, 2021 and 2020 as summarized below:
Specialty Vehicle TechnologiesHigh Pressure SolutionsTotal
202220212020202220212020202220212020
Revenues$6.6 $430.9 $741.4 $— $71.9 $195.6 $6.6 $502.8 $937.0 
Cost of sales6.5 321.3 564.6 — 60.2 163.9 6.5 381.5 728.5 
Gross Profit0.1 109.6 176.8 — 11.7 31.7 0.1 121.3 208.5 
Selling and administrative expenses0.1 35.7 63.0 — 5.3 42.5 0.1 41.0 105.5 
Amortization of intangible assets— 10.4 37.1 — 2.4 23.6 — 12.8 60.7 
Loss (gain) on sale(2.8)(298.3)— — 207.7 — (2.8)(90.6)— 
Other operating expense, net0.7 18.1 1.7 1.6 19.0 14.5 2.3 37.1 16.2 
Operating Income (Loss)2.1 343.7 75.0 (1.6)(222.7)(48.9)0.5 121.0 26.1 
Other expense, net— — — — — 0.1 — — 0.1 
Income (Loss) from Discontinued Operations Before Income Taxes2.1 343.7 75.0 (1.6)(222.7)(49.0)0.5 121.0 26.0 
Provision (benefit) for income taxes(13.2)87.1 12.9 (1.5)(7.7)(11.3)(14.7)79.4 1.6 
Income (Loss) from Discontinued Operations, Net of Tax$15.3 $256.6 $62.1 $(0.1)$(215.0)$(37.7)$15.2 $41.6 $24.4 
As of December 31, 2021, total assets of discontinued operations comprised cash and cash equivalents of $6.2 million, inventories of $5.6 million, accounts receivable, net of $2.5 million, and plant, property and equipment, net of $1.2 million and total liabilities of discontinued operations comprised accrued liabilities of $14.9 million and accounts payable of $2.2 million. These assets and liabilities related to certain non-U.S. subsidiaries for which legal transfer of ownership did not occur until 2022.
The significant non-cash operating items and capital expenditures reflected in cash flows of discontinued operations for the years ended December 31, 2022, 2021 and 2020 include the following:
Specialty Vehicle TechnologiesHigh Pressure SolutionsTotal
202220212020202220212020202220212020
Loss (gain) on sale$(2.8)$(298.3)$— $— $207.7 $— $(2.8)$(90.6)$— 
Depreciation and amortization— 14.8 51.5 — 4.0 36.9 — 18.8 88.4 
Stock-based compensation expense— 8.2 3.0 — 2.7 0.8 — 10.9 3.8 
Capital expenditures— 1.6 3.1 — 0.3 3.6 — 1.9 6.7